USD/JPY is still focused on 110.00 and above – UOB

In opinion of FX Strategists at UOB Group, USD/JPY is likely to trade within a side-lined theme in the next weeks, although an attempt to 110.00 and beyond still remains on the cards.

Key Quotes

24-hour view: “USD did not ‘do much’ last Friday as it traded between 109.68 and 109.90, markedly narrower than our expected sideway-trading range of 109.50/110.00. Indicators are mostly flat and we continue to expect USD to trade sideways, likely between 109.60 and 110.00.”

Next 1-3 weeks: “USD traded in a quiet manner last Friday before closing not much changed at 109.74 (-0.06%). The price action offers no fresh clues and we continue to hold the same view from last Tuesday (11 Feb, spot at 109.75) wherein USD is expected to ‘trade